The Company’s forecasted guidance is a forward-looking statement and
does not include the effects of future acquisitions/divestitures,
unanticipated asset impairments and other special charges, and other
non-recurring items not reflective of ongoing operations. The Company’s
forward-looking estimates of both GAAP and non-GAAP measures of
financial performance may differ materially from actual results and
should not be relied upon as statements of fact.

QLOGIC CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited — in thousands)

April 3,

2016

March 29,

2015

ASSETS

Current assets:

Cash and cash equivalents

$

125,408

$

115,241

Marketable securities

229,439

201,174

Total cash and marketable securities

354,847

316,415

Accounts receivable, net

55,546

87,436

Inventories

39,745

29,978

Other current assets

13,268

21,802

Total current assets

463,406

455,631

Property and equipment, net

71,738

78,501

Goodwill

167,232

167,232

Purchased intangible assets, net

62,998

77,659

Deferred tax assets

41,003

48,880

Other assets

17,491

20,752

$

823,868

$

848,655

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

29,576

$

40,497

Accrued compensation

19,389

22,476

Accrued taxes

955

2,711

Other current liabilities

11,156

11,718

Total current liabilities

61,076

77,402

Accrued taxes

9,510

14,516

Other liabilities

5,904

9,721

Total liabilities

76,490

101,639

Stockholders’ equity:

Common stock

218

215

Additional paid-in capital

1,015,666

983,579

Retained earnings

1,769,130

1,722,664

Accumulated other comprehensive loss

(334

)

(99

)

Treasury stock

(2,037,302

)

(1,959,343

)

Total stockholders’ equity

747,378

747,016

$

823,868

$

848,655

QLOGIC CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited — in thousands)

Year Ended

April 3,

2016

March 29,

2015

Cash flows from operating activities:

Net income

$

46,466

$

50,593

Adjustments to reconcile net income to net cash provided by
operating activities: